RE: Outrider11 Feb 2019 22:28
Frontera Resources Corporation
29 December 2016
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FRONTERA RESOURCES CORPORATION
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Houston, Texas, U.S.A. - 29 December 2016
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RESTRUCTURING OF COMPANY DEBT
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Frontera Resources Corporation (AIM: FRR), an independent oil and gas exploration and production company ("Frontera" or the "Company"), is pleased to announce that, further to the announcement of 25 July 2016, it has restructured  the 10% notes (the "Old Notes") issued by Frontera Resources Holdings LLC ("FRH"), a wholly-owned subsidiary of the Company, on 1 August 2011.  This restructuring has been effected by exchanging the Old Notes which had maturity date of 1 August 2016, to new notes ("New Notes") which have maturity date of 1 August 2020. The New Notes are issued by Frontera International Corporation, a fully-owned subsidiary of the Company, and bear interest rate of 10 per cent. if paid in cash or 12 per cent. if paid in-kind with additional notes at the Company's election. The New Notes, which are not convertible into ordinary shares of the Company, are secured and, in aggregate, have a face value of $30,063,276 and an effective date of 1 August 2016. Other than the terms described above, the terms of the New Notes remain materially unchanged as previously announced. In furtherance of the restructuring, all previously announced legal proceedings related to the Old Notes will now be dismissed.